Doji

Doji is a free MT5 indicator for the main chart. It marks each doji candle once the bar has closed and that doji passes its filters. It sorts each one into Standard, Long-Legged, Dragonfly or Gravestone, and puts a special arrow on Dragonfly and Gravestone dojis that form at the end of a move. In the Lab's EURUSD M15 repaint test, 0 of 259 signals changed after they appeared.

It helps traders who already read candles and want dojis found, graded and filtered automatically. It is not a ready-made buy/sell system.

What Doji draws on your chart

A doji is a candle that opens and closes at almost the same price, which shows indecision. The glossary covers the pattern itself. The indicator turns that idea into these objects:

• Bullish Watch arrow: a Dragonfly doji (long lower wick) after a fall, sitting at the recent swing low.
• Bearish Watch arrow: a Gravestone doji (long upper wick) after a rise, sitting at the recent swing high.
• Indecision Doji mark: any other doji that passes the filters (Standard, Long-Legged, or a Dragonfly/Gravestone without the trend and swing context).
• Indecision Zone box: drawn when at least ClusterMinCount dojis form within ClusterLookbackBars closed bars.
• Doji Score label: the doji type, plus its clarity score (0-100) when ShowScoreLabel is on.
• Panel: shows the last doji's type, clarity score and watch level. It also shows today's bullish watch, bearish watch and indecision counts, the zone status and the current ATR.

The chart below shows how these marks sit on price: a Bullish Watch at the end of a drop, then two indecision dojis that create a zone.

How the Lab tested it

The Lab ran version 1.00 on EURUSD M15 from 2026-07-06 to 2026-10-02, using real ticks from Raw Trading Ltd, on MT5 build 6230. It logged 259 signals. Repaint means an arrow appears and later moves or disappears. In this test, 0 of 259 signals changed and the maximum arrow delay was 0 bars. Each mark appears on the doji bar as soon as that bar closes, and it stays there.

What the numbers mean for you

The Lab checked whether price moved 1 ATR in the signal's direction before it moved 1 ATR against it. Across all 259 signals the result was 48.3%, which is a coin flip. The doji tells you where to pay attention, not which way to trade.

After a doji, price moves fast. The median time to reach the 1 ATR mark was 2 bars, and only 1.5% of signals stayed inside 1 ATR either way for 20 bars. A doji is usually followed by a quick move, in either direction.

Almost all marks are indecision marks. On average there were 20.4 signals a week: 19.3 Indecision Doji, 0.6 Bullish Watch and 0.5 Bearish Watch. The chart below breaks the 1 ATR result down by signal type.

Read the Watch bars with care. They come from only 8 Bullish Watch and 6 Bearish Watch signals, which is too few to say whether either arrow has an edge. The Indecision result rests on 245 signals (1.6% hit neither level in 20 bars), so that one is reliable, and it says what an indecision candle should: no direction.

Install in one line

Copy the downloaded file (95.1 KB) into your MQL5\Indicators folder, refresh the Navigator, and drag Doji onto a chart. It draws on the price chart itself, not in a separate window below it.

How a Watch arrow forms

Every check runs on a closed bar, so nothing appears while a candle is still forming. The steps below are how a Bullish or Bearish Watch earns its arrow.

Reading each mark

• Bullish Watch: sellers drove price down to the swing low, and buyers pushed it all the way back to the open. Read "Watch" literally: it tells you to look at this spot, not to buy.
• Bearish Watch: the mirror case. Buyers were rejected at the swing high.
• Indecision Doji: a pause. A Long-Legged doji needs each wick to be at least LongLegWickMin of the range. A Standard doji is a small body without those wick conditions.
• Indecision Zone: a box around a cluster of dojis, where the market keeps stalling. Once there are more than MaxZones boxes, the oldest is deleted.
• Doji Score label: the type and clarity score. Compare scores between dojis instead of trusting every mark the same. Once there are more than MaxLabels labels, the oldest is deleted.

The misread to avoid

A candle that clearly looks like a Dragonfly but carries an Indecision Doji mark is not a bullish signal. It failed the trend or swing check. Maybe it formed mid-range, or the prior bars did not fall far enough. Trust the mark type and the label, not the shape alone.

The second misread is calling it lag. The mark appears only after the doji bar closes, because a forming candle can still turn into something else. That wait is what keeps the marks from changing.

Inputs to change first

Alerts and where they appear

An alert fires each time a new doji is confirmed. Popups (EnableAlertPopup, on) open in the MT5 alert window. Sound (EnableAlertSound, on) plays SoundFile, which is alert.wav by default. Push (EnableAlertPush, off) goes to the MetaTrader mobile app linked to your terminal.

Version 1.00 has no switch to alert only on certain types, so most alerts will be Indecision dojis. Set MaxSpreadPoints above 0 to block alerts while the spread is wider than that many points.

Decision rules for each signal

The Lab suggests these rules for reading the marks. They were not part of the measured test.

• Bullish Watch: consider a long only if the next bar closes above the doji's high. Skip it if the doji sits inside an Indecision Zone.
• Bearish Watch: consider a short only if the next bar closes below the doji's low. Use the same zone rule.
• Indecision Doji: never a trade on its own. Use it as a reason to wait, or to tighten a stop on a trade you already have.
• Indecision Zone: wait for a bar to close outside the box. Then act only if your own setup points the same way.